Yukos asks JPMorgan Case to assess unit ahead of key Russia auction: reports

0 Comments | AFP, October, 2004

MOSCOW (AFP) — The Russian oil giant Yukos oil giant has asked US bank JPMorgan Chase to issue an independent valuation of its top producer Yuganskneftegaz ahead of its expected auction by the state, Interfax quoted unnamed sources as saying.

The report came days after the Russian justice ministry decided to value Yuganskneftegaz at 10.4 billion dollars, the low-end estimate provided in a separate assessment done by Dresdner Kleinwort Wasserstein (DrKW).

Yukos and the markets had expected a valuation closer to 20 billion dollars, and the unit itself to be actually worth some 30 billion dollars.

Yukos officials were not immediately available to confirm the report of the possible involvement of JPMorgan Chase.

Interfax earlier reported that the...